The Lagos State Government has disbursed N740 million in accrued pension rights to another batch of 348 retirees.
Mr. Babalola Obilana, Director General of the Lagos State Pension Commission (LASPEC), confirmed the payment during the 107th batch retirement bond certificate presentation ceremony on Friday in Lagos, as reported by NAN.
Obilana noted that the payment covers the retirees’ past service entitlements before the Contributory Pension Scheme (CPS) was introduced in 2007.
He emphasized the state government’s dedication to supporting retirees throughout their retirement.
The director general praised Governor Babajide Sanwo-Olu for his prompt response in meeting pension obligations and acknowledged the governor’s initiatives aimed at improving retirees’ welfare.
Obilana highlighted Lagos State’s progress in enhancing transparency, efficiency, and sustainability within the pension system.
He further noted that the implementation of the CPS ensures a fair distribution of benefits, providing all workers with reliable pensions at retirement.